DOES MONETARY POLICY MATTER FOR CORPORATE GOVERNANCE? FIRM-LEVEL EVIDENCE FROM INDIA

Saibal Ghosh and Rudra Sensarma

A chapter in Corporate Governance, 2004, pp 327-353 from Emerald Group Publishing Limited

Abstract: The paper assembles data on over 1,000 manufacturing and services firms in India for the entire post-reform period from 1992 through 2002 to examine the association between corporate governance and monetary policy. The findings suggests that: (a) public firms are relatively more responsive to a monetary contraction vis-à-vis their private counterparts; and (b) quoted firms lower their long-term bank borrowings in favour of short-term borrowings, post monetary tightening, as compared with unquoted firms. A disaggregated analysis based on firm size and leverage above a certain threshold validates these findings. The study concludes by analyzing the broad policy implications of these findings.

Date: 2004
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Working Paper: Does monetary policy matter for corporate governance? Firm-level evidence for India (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:eme:afeczz:s1569-3732(04)09013-9

DOI: 10.1016/S1569-3732(04)09013-9

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